does anyone know of a good buy here pay here lot?

Question

in Indianapolis ,In

Answer 1

Well I hate to tell you this but from what I've seen there really is no such thing as a good buy here pay here lot. I have done some repo work for a couple of our local lots and it seems most of the cars get sold at least 4 times before they actually get rid of them.The dealers really don't mind this because they buy ragged out cars off of dealer auctions patch them up and usually make there money back off them when they get there first payment. The number 1 reason I hear for most people not continuing there payment is the car broke down and they didn't want to mess with the piece of junk so they stopped paying the bill. Then the cycle is repeated the dealer repos the car patches it up and re-sells it again. Most of these lots deal with people who have bad credit so they usually have the person over a financial barrel and almost always charge to much for there cars to begin with. I know that's not the answer you wanted to hear but in the area I live in this is almost always the case.

Answer 2

I assume you want a buy here pay here lot because of your credit.

Before you go to a buy here pay here lot, go online and do a search for "bad credit auto loans" or something to that effect.

Be VERY careful. its not uncommon to get 20% interest rates. which is CRAZY and makes your payment so high that you are upside down in the "deal" (have no equity) right after your first payment. And you will never be "right" in the deal (owe less than the trade in value)....ever. So, for 4, 5 or 6 years you are stuck with that peice of crap car that you are paying 20% interest on. BE CAREFULL

BUT... Buy Here Pay Here lots are the same thing. Basically, they will tell you that you need a fairly large down payment. OK, fine. In most cases, that amount they ask for is about how much "real money" they have tied up in that unit. So, once they have your downpayment. They have basically broken even on it. Now, every payment you make is essentially profit. (this is a loose estimate and not all buy here pay here lots are like this...but a lot are)

Then, as was stated, if you miss payments they will repo it REALLY fast. Without "working with you"...and then sell it again. Regardless of how many payments you made...you don't have any "equity" in the car.

They are trouble. I understand, though that you may NEED one to get a vehicle due to credit problems. Just know what your getting yourself into. They never work out well.

Answer 3

I know of one in St. Louis.

Coach

Answer 4

no such thing